Posted by JP(SC) on November 18, 2004 at 17:48:54:
I am working with Vanderbilt also. They do seem to be much more reasonable.
Greentree unreasonable - Posted by JP(SC)
Posted by JP(SC) on November 18, 2004 at 10:18:49:
I’ve been looking at a few homes on a Greentree repo lot. I sent in a bid on a home that was really trashed. The rep called me within a few minutes and said my bid was WAY out of the ballpark. Admittedly it was low. In any case, he said that a 1997 16x76 would take no less that $7500, REGARDLESS OF CONDITION. Some of these homes are fairly nice, but some are really destroyed and would probably take 5-7k to rehab, not to mention moving costs. Who is buying these things at those prices? They also aren’t offering any financing so I can’t see a owner-occupant being able to afford them either.
I won’t be wasting any more time with them.
Anyone else care to mention any recent dealings with Greentree?
Re: Greentree unreasonable - Posted by Steve-MO
Posted by Steve-MO on November 20, 2004 at 10:40:11:
We are in the middle of filling several vacancies in a park we just purchased and have been bidding with any and every repo company in our area. We are finding a changing market. It may be dependent on area and finance company but, I think we are beginning to see a change in the cycle of the market. I believe repo numbers are leveling off and therefore there are fewer repos and as a result of supply and demand, these repos are worth more. As I said before, it may be more dependent on area and finance company but, I do sense a change.
Re: Greentree unreasonable - Posted by Beachboy-Ga
Posted by Beachboy-Ga on November 19, 2004 at 07:18:09:
greentree is working like a drowning person right now.They lost millions in mobile home financing and now are starting to sell life ins. and other investments, with a few buyouts along the way.They are dealing high on low stakes, so Dont spend to much time with them, just leave your number and what price you will take it at, and move on,…fixing typing ~!!
Find another bank - Posted by Karl (Oh)
Posted by Karl (Oh) on November 18, 2004 at 17:05:44:
If you’re not having any luck with Greentree, try Vanderbilt. I just bought 5 homes from them and got some pretty good prices. And they’ve got a bunch for sale in your state.
Karl Kleiner
The trick with greentree… - Posted by Dan(MD)
Posted by Dan(MD) on November 18, 2004 at 14:06:19:
The trick is to solve the reps problems, you put a bid in on one home that the rep is willing to sit on for a while, ask him/her if there are any problem homes that they have been trying to get rid of, usually homes that are on private property, or in a park where the park owner is trying to screw greentree out of the home by trading back lot rent for the home (happens all the time here in Maryland). Plus you need to put a bid in on more than one home, I have had some very good luck with greentree this year buying homes in blocks of 5-8. You may have to pay more for some of the homes but others you can get for quite reasonable. If you do it right, you should come out good in the end. Greentree is no longer ditching their inventory, they have smaller inventories now and are willing to wait it out a bit.
Hope this helps out
Dan
Re: Greentree unreasonable - Posted by Sean (OH)
Posted by Sean (OH) on November 18, 2004 at 12:10:18:
JP,
Tried to send you some scoop but your email wasn’t valid. If you email me I will respond. Good Investing!
Re: Greentree unreasonable - Posted by Mike/nc
Posted by Mike/nc on November 18, 2004 at 11:51:20:
I was told about the same thing from four different repo lot owners. Seems when they get them on the lot they are willing to sit on them for awhile. But someones buying them cause one lot owner told me he sells about thirty a month. There are a few bargains out there though. I recently bought a small double wide for 10K. In excelent condition. And just this week bought a wind zone 2, 1998 for 3K. Itll need about 3K in fixup cost then I hope to sell it for maybe 12-15K. So there are a few deals to be had but they arent hanging ripe on the vine as some would have you believe. It takes WORK to root them out…Also I’ll probably buy an '84 next week for 1K. Needs a little work, maybe 2K to bring it up to rental condition…
Re: Greentree unreasonable - Posted by marlene b
Posted by marlene b on November 20, 2004 at 21:43:35:
what state are you in?